Kind of like the contrarian indicator which occurs anytime I put on a partial hedge... If you just traded the opposite direction whenever I placed a partial hedge... lol Phil
I looked at some hedges but decided I was just going to pull out because of the strength these last few moves have shown. I may just go long with a call spread the way things are going (long is a 4 letter word on this board isn't it? ;->) ryan
I don't have any profit for now. 1629 is multi year resistance. NDX moves pretty wild. It's way overbought but this market is not looking back at all the way I see it. I have 6 NDX1650/1660 for 2.50 credit. I am down now. I don't like to cover on Thursday or Friday. I am waiting for Monday so I can get some time decay. Should I buy the NDX 1630 as an hedge? Please let me know
Cody: Here are my current positions: - 90 SPX NOV 1150/1160 Put Spreads @ $0.65 - 300 SPX DEC 1135/1140 Put Spreads @ $0.30 I closed the other put spread I had for NOV at the 1100/1115 strikes to free up margin for DEC. Basically I am in put only mode as I am bullish the rest of the year. I do not want to get aggressive and add calls because I simply want to add to my returns and not put them at higher risk. Remember the caution I kept stressing about adding calls for NOV at 1240? Still may turn out ok but after today's run up it is getting close with 2 weeks left. Got to be careful about not remembering what the overall market is doing and NOV is usually a good month. So for now and DEC I am in puts only. I only used a portion of my margin for DEC so I will grab more premium when the opportunity presents itself, perhaps a nice down day or pause in the market. We will most likely bounce back off of the 1220/1225 resistance for a day or so. I will watch to make sure we do not run back to 1200 and look for some additional puts. My goal is to just coast casually into the end of the year to protect my returns for the year and simply add a few more percentage points to the 24.1% return. Got to be careful of scaling up to fast just because of a string of success or moving well beyond your comfortable margin limit. Phil
Are you sure it is 1650/1660, I only see the 1640/1650 call strikes for the NDX? Moreover, NDX is down to 1617 and I agree that we are overbought. SPX bounced off resistance and it look like it is holding for now. Just want to confirm I am looking at the right strikes? Phil
Coach, If you had the xeo 565/570 bear call spread, would you roll now to the 570/575 close 565/570 wait till Monday (more time decay to roll)? Thanks
Phil: Do Institutional option traders get better pricing on transactions than what is available to retail traders like OX, ToS, or IB?? If so, what kind of level allows institutional designation? Do you know of any institutional option brokerages? Thanks